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Credit News Series #2

https://youtu.be/G7XxBvrrZ74

REFUND!!!!!!

Earlier this year Citibank refunded $335 million to about 1.75 million cardholders. Why?

Citi said it’s customers were charged to much interest but REALLY why???

If the Consumer Financial Protection Bureau had discovered Citi’s over-charges then Citi would have been fined probably hundreds of millions by the federal agency in addition to the refunds.

Do ya think Citi would have refunded money if they were afraid of the federal agency?


The first thing that federal agency did after a year in operation was fine Capital One about $25million — for a mistake one of CapOne’s vendors did!

Credit News Series #1

Credit News Series #1

“FICO”, Fair Isaac & Company recently came out with yet another FICO credit score model supposedly to help consumers have higher FICO credit scores.

Once again the news media went wild over the supposedly “good” news, once again you the consumer have been deceived.

Here’s the article I wrote and sent to Consumers Union, publishers of Consumer Reports magazine the last time this happened when “FICO-9” was released by FICO. Live and learn because the media is getting it all wrong yet again.

December 18, 2014

Letter to Editor, Consumers Union, Consumer Reports

Re Jan. 2015 article re credit reports

Dear Sir or Madam,

As a FICO score and credit resolution expert I’d point out only one error, number 10 of 11 Steps to Rehab Your Credit.

Credentials:

Wrote probably the first book ever on how FICO scores actually work (2001)
Guest on radio shows nation wide 2002-2006, 2015-
Published world wide* consumer credit and score articles, Gannett Publishing 2003-2007
CA Dept of Justice registered Credit Services Organization–and the ONLY one in CA which does NOT use illegal credit dispute tactics or other fraudulent tactics
* Pen name Dave Peters

I am an expert on the mortgage FICO models in particular.

If consumers want to raise their mortgage FICO scores they absolutely must not pay their collection accounts, not a penny, contrary to your advice.

If they do pay collectors then their mortgage FICOs will either drop or fail to rise at all.

FICO-9 might ignore paid collections if any company buys it for credit decisions but history often repeats. FICO-08 (2008) made similar promises and NO creditor bought it for five long years until 2013 when FICO renamed it FICO 8 and sold it to Citi credit cards only.

It would be too expensive to re-model risk regarding mortgage loans and Fannie/Freddie say they won’t consider changing mortgage score models for at least two years.

When it comes to vaunted FICO score news I never buy into the hype until I see what really happens.

Thank you,

Dave Schram

Debt Buyer Collection Account Series #2

Debt Buyer Collection Account Series #2

Debt buyers are a special kind of collector of debt owed. they buy debts from other companies and then try to collect.

We LOVE working on debt buyers and the bigger the debt the more we love it!

We will get 80% to 100% off the debt AND the 3 credit report deletion almost every time. Debt elimination percentage depends on how big your debt is and at which debt buyer.

The biggest debt buyers in the USA are:

Portfolio Recovery Associates (PRA)

Midland or Midland Funding or MCM or Midland Credit Management

Cavalry Portfolio Services

LVNV Funding, owned by Resurgent Capital Services

CACH now owned by Resurgent too

Debt Buyer Collection Account Series #1

Debt Buyer Collection Account Series #1

Debt buyers are a special kind of collector of debt owed.

Most debt buyers purchase the right to collect debt from credit card companies. Some purchase right to collect from companies that do installment loans, a few purchase medical debts and other purchase other debts.

What to know: If the company will not agree in writing to request credit report deletions after you pay or settle then you should NOT pay or settle! Why? Your credit scores will NOT go up a single FICO point unless the account is delete.

What to do: If you cannot get the written agreement to delete from all credit reports we do know how to get it! Don’t pay, don’t settle. We might get 100% off the debt and we will get the 3-report deletion or we don’t get paid our deletion success fee. –Dave

P.S.

The biggest debt buyers in the USA are:

Portfolio Recovery Associates (PRA)

Midland or Midland Funding or MCM or Midland Credit Management

Cavalry Portfolio Services

LVNV Funding, owned by Resurgent Capital Services

CACH now owned by Resurgent too

FICO Credit Scores, Approaching 850 scores Series #2

fico credit score repair

Early in this series, I will give a piece of advice for highest possible FICO credit scores and also educate on basics which our high schools and colleges don’t teach.

There are MANY types of FICO credit scores and the scores are different from each other. There are other credit scores like Vantage Scores and private credit score models.

FICO score computer software is incredibly complex. This series will teach you how to get nearly perfect FICO scores.

TODAY’S ADVICE: Opening a new credit card will lower your FICO scores immediately. It will take months to recover lost FICO points. I personally NEVER open new cards just to get 10% or 20% off what I’m buying.

When you are young in your 20’s is the time to open new credit cards and KEEP them in use and open until you don’t need credit any more in later life.

Need FICO score or credit repair? If I accept your case I don’t charge unless the company agrees to delete the bad credit at ALL Consumer Reporting Agencies.

Don’t waste your money at other companies. Their sales pitches are deceptions. I guess I’ll make a Series of posts about this.

FICO Credit Scores, Approaching 850 scores Series #1

fico credit scores

My own FICO-9 score peaks at 832 of 850 possible and I have not applied everything I know. I don’t want to do those two things.

 

This will be a LONG series of advice and comments. Keep coming back!!

 

What’s a FICO credit score?

 

It is a 3-digit number between 300 and 850. It represents how risky you are to lend money to. The higher the number, the higher the FICO score the lower of a risk you are to creditors and the better interest rates you get.

FICO scores now also can affect getting a job, health & auto insurance and other things.

TODAY’S ADVICE: Never, ever close a credit card unless it is the newest one you opened and your card debts are also low.

Need FICO score or credit repair? If I accept your case I don’t charge unless the company agrees to delete the bad credit at ALL Consumer Reporting Agencies.

Don’t waste your money at other companies. Their sales pitches are deceptions. I guess I’ll make a Series of posts about this.

Credit Repair Scams, Truths, Lies and Myths Series #2

Credit Repair Scams, Truths, Lies and Myths Series #2


PLEASE help other people avoid hiring credit repair companies which over-promise, deceive and lie by commenting on this page about the companies who scammed, over-promised or deceived you,

My promise: My company will never lie to you, over-promise or deceive you. Proof?

1. We don’t charge upfront or monthly fees. We get paid when the company reporting on your credit proves it requested deletion at ALL THREE reporting Agencies or offers to do that.

2. We decline to work for over 40% of the people who contact us asking for service. Why take your money if the results won’t happen?

HOW THEY DECEIVE YOU: Credit repair consultants and salespeople at our competitors often say something like, “We get deletions from (name of company)”.

Ask the percentage of the time they get that company deleted off two reports? How often off all three reports? Make them PROVE it! Saying it is one thing, proving it is another.

OUR DELETIONS ARE ALWAYS DELETED PERMANENTLY FROM ALL 3 CREDIT REPORTS–ALWAYS! Or we don’t get paid. And oh yeah, we can prove it!!

Credit Repair Scams, Truths, Lies and Myths Series #1

Credit Repair Scams, Truths, Lies and Myths Series #1

 

PLEASE help other people avoid hiring credit repair companies which over-promise, deceive and lie by commenting on this page about the companies who scammed, over-promised or deceived you,

My promise: My company will never lie to you, over-promise or deceive you. Proof?

1. We don’t charge upfront or monthly fees. We get paid when the company reporting on your credit proves it requested deletion at ALL THREE reporting Agencies or offers to do that.

2. We decline to work for over 40% of the people who contact us asking for service. Why take your money if the results won’t happen?

THE BIG LIE: The biggest lie in credit repair is that you or the credit repair company has the right to dispute anything bad on your credit report.

THE TRUTH: Here the actual federal law: You have the right to dispute inaccurate information by contacting the consumer credit reporting agency directly. However, neither you nor any credit repair company or credit service organization has the right to have accurate, current, and verifiable information removed from your credit report.

What this means: In my non-lawyer opinion this means that doing a dispute of accurately reported credit cannot be used as a method to try to remove the bad credit.

Collection Accounts Series #8, Collection Agencies

collection account credit repair california

Are collectors calling you too much? Harassing you? Making you not want to answer your phone?

Then given them a faxed “Cease and Desist” and keep a copy of the fax confirmation. If you cannot fax it then send it by registered mail, not first class mail. You need proof you sent the Cease and Desist.

What to write? I suggest:

Your name, NOT* your address, collection company name, date, collectors account number if you have it or the last four numbers of your social security number if you don’t have the account number.

“To Whom It May Concern:

“You are instructed to Cease and Desist from telephoning me. Your only communications may be in writing. If you violate this demand you will be sued.”
Sign it and send it with proof you sent it.

* Do NOT add your address. If the debt is big enough they will then know where to serve you with a lawsuit. I NEVER confirm my clients’ addresses.

At 740plus, We have about 97% success getting collection agencies accounts deleted permanently from ALL Credit Reporting Agencies.

Collection Accounts Series #7, Collection Agencies

collection accounts credit repair california

Read the entire Series about this subject to understand everything before you DO anything about a collection account because you can seriously harm your FICO credit scores if you don’t study and apply what I know. More is to come!!

Some collection agency collection accounts are very easy to get deleted after payment or settlement, most are very difficult or impossible BUT…

We have about 97% success getting collection agencies accounts deleted permanently from ALL Credit Reporting Agencies.